Jensen Huang steps down, crypto market pays the price, Bitcoin falls below $70,000 mark, long traders turn cautious in their expectations.

BlockBeats news, November 13 - Since the U.S. midterm elections, Bitcoin has continued to weaken. Recently, influenced by factors such as the Jensen Huang incident and the macroeconomic environment, the decline has accelerated. As of press time, according to HTX market data, Bitcoin has officially fallen below the $70,000 integer psychological threshold, currently trading at $69,637.87. From the daily chart, Bitcoin has begun to give back the gains from the "8.19" rally. In response, most traders and analysts who previously held a bullish outlook on the market have begun to shift to cautious and pessimistic expectations.

Liquid Capital founder Yi Lihua posted multiple times yesterday stating that the Binance black swan event and the U.S. Democratic Party's landslide victory have had a significant impact on AI U.S. stocks and the crypto market, and investors need to continuously adjust their strategies based on the market environment. At the current stage, it is still necessary to be wary of bottom-fishing too early; it is recommended to wait for market trends to become clear before seeking right-side trading opportunities.

Litecoin Pool founder Jiang Zhuoer stated this morning that Bitcoin at this stage is "most likely not at the bottom," and the market is currently in a major downtrend, and will not directly V-shaped rebound; market recovery requires waiting for spot demand to return.

Well-known trader Killa, who accurately caught the bottom of Bitcoin in June this year, admitted in a post today that he was "overly optimistic" about recent market trends, which was a mistake. He also believes that true panic is likely to begin after Bitcoin falls below $70,000. However, if Bitcoin falls below $57,000, that would mean the market has been in a downtrend for more than 400 days, exceeding the 2023 bear market and the diminishing cycle acceleration factors he mentioned. He also emphasized that the market always points to explosive upside for BTC on higher time frames after midterm elections.